Web3 should draw newcomers, not be a ‘money grab from brands’ — Tech CEO

The crypto manufacture should absorption connected gathering blockchain-based solutions everybody tin payment from alternatively of launching currency grabs for brands, says Amy Peck, CEO of tech-focused consulting steadfast EndeavourXR.

Peck told Cointelegraph astatine the Lisbon Web Summit that Web3 firms should beryllium build-first oriented and make charismatic products to gully newcomers.

She added utilizing Web3 and nonfungible tokens (NFTs) arsenic “just different wealth drawback from brands” to make different slate of multi-millionaires “doesn’t look similar a bully look” nor a bully usage of what is an “elegant technology.”

“This is an infinite landscape. The money’s going to beryllium there, right? Let’s physique a amended breadstuff box. We person the accidental to bash thing truly absorbing and reinvent this economical construct, invitation much radical to the party, not conscionable make different 1%.”

Obtaining an on-chain impervious of identity, taking power and ownership of one’s data, connecting blockchain-based assets to the existent satellite and interacting successful the creator system are among the apical things Peck says builders should absorption connected to extract the astir worth from Web3.

Following FTX’s illness and different manufacture shortfalls, Peck said overmuch of her firm’s lawsuit basal says they “don’t privation to interaction crypto” and that “Web3 is each shenanigans.”

Lisbon Web Summit connected Nov. 16. Source: Joe Hall/Cointelegraph

Peck acknowledged it’s presently unrealistic for big brands to afloat transition to Web3 but says there’s already a “Web2.5 halfway lane” that these firms tin leverage.

Providing consumers with much control and ownership implicit their data is already imaginable with blockchain, Peck stressed.

Related: How AI is changing crypto: Hype vs. reality

She added a much “transparent exchange” is becoming much important than ever, peculiarly with the emergence of devices collecting information specified arsenic fingerprints and faces.

“What is coming with these immersive devices is biometric information that volition let the radical who ain that information to cognize much astir america than we know, and the level of manipulation volition beryllium exponential.”

On cryptocurrency exchange-traded funds, Peck said it’s large that Wall Street firms are present taking the manufacture earnestly but is wary that they volition effort to twist what has been built to suit their liking.

“They’re going to effort and wrestle it to the crushed and marque it behave similar these existing fiscal mechanisms.”

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Additional reporting by Joe Hall.